Related party transaction
This query is : Resolved
SATISH AGARWALLA
(Querist)
10 July 2012
OUR COMPANY HAS PURCHASED MATERIALS FROM RELIANCE INDUSTRIES LTD (RIL) THROUGH DEL CREDRE AGENT (DCA). BILL IS MADE IN THE NAME OF COMPANY. HOWEVER, PAYMENT IS MADE TO RIL THROUGH DCA. NO COMMISSION OR OTHER PAYMENT IS MADE TO DCA BY US. THE WHOLE TIME DIRECTOR IS SAME IN BOTH THE COMPANY I.E. DCA AND OUR COMPANY (KMP IS SAME). THE TRANSACTION IS RELATED PARTY TRANSACTION OR NOT. (PLS GIVE EXPLANATION)
Rajesh Dubey
(Expert)
10 July 2012
REFER ACCOUNTING STANDARD - 18 "RELATED PARTY DISCLOSURES"
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